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ISSUE 28

December 2013

brazilian WAVE The Ups & Downs of OSRV Markets Are IOCs Falling Out of Love with Brazil? OGP - A New Beginning for OGX


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contents

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Drilling & Production

The Ups & Downs of OSRV Markets

Contributors Daniel Del Rio Wilson Nobre Paula Quirino Alexandre Vilela & Sean Bate

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Vessel News

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OGP - A New Beginning

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Some IOCs are Falling out of Love with Brazil: Why?

This month’s fixtures, requirements and market news

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Operator Update Key highlights from oil companies activity

Petrobras News This month’s consults and requirements

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É isso AÍ

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Season’s Greetings from Westshore Brazil


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drilling & production

Petrobras / P-58/SS 88 TAD/P-61 The FPSO P-58 is on its way to the Parque das Baleias field, in the Campos Basin, where it will be connected to 15 production wells, of which 8 are pre salt and 7 are post-salt. The unit is capable of processing 180,000 boed and six millions cbm of natural gas. The semi-submersible 88 TAD is coming to Brazil and is expected to arrive in January 2014. The unit will work together with the P-61 production platform and with the FPSO P-63, in Papa Terra field. The SS 88 will be anchored alongside P-61 supplying energy, providing accommodation, store drilling fluid and support systems to enable wells to be drilled by P-61. The production platform P-61 will go to Papa Terra field this month and is expected to drill thirteen production wells. The unit is completely finished and will be the first TLWP (Tension Leg Wellhead Platform) working in Brazil.

OGX / OSX-3 The company has just started the production in Tubarão Martelo field, located in the BM-C-39 and BM-C-40 blocks. OGX expects that Tubarão Martelo field will provide 87.9 million boed in total. This represents an important contrast when compared to the announced amount in 2012, which stated that the field would provide 285 million of boed. In total seven wells are connected to the FPSO OSX-3 and two of them have already started producing (TBMT-8H and OGX-44 HP). The unit is carrying out the operations and has a production capacity of up to 100,000 boed. Ocean Rig / Ocean Rig Mylos Repsol Sinopec has started drilling the first of three appraisal wells in the Campos Basin called Seat in 2,665 meters of water, using the newbuilding ultra-deep water drillship Ocean Rig Mylos.  It is expected that the drilling will take over three months and reach a final depth of more than 6,700 meters. Furthermore, two new wells, Gavea and Pão de Acúcar, are planned to be drilled before early 2015.


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headline news

Ups & Downs of OSRVs Oil spill response vessels (OSRVs) started to really get the Brazilian OSV’s market attention by 2005. At that time Petrobras began to continuously and increasingly charter such vessels at interesting price levels, which were meant to comply with Brazilian Environmental regulator (IBAMA) requirements for drilling and production licensing purposes. Frenetic chartering activity for OSRVs was then seen in the next years, but given some market movements in 2013, a big question mark has arisen over the market: Has the pace slowed down or are these vessels no longer needed? Historically, in the beginning, mid-size vessels (PSV or AHTS) were the ones fixed as OSRVs, able to accommodate 750m3 or 1000m3 of oil residue in dedicated tanks. In 2006, vessels of UT 755 design were being proposed at USD 22k levels for the Petrobras OSRV 750 category,

reaching USD 36k in 2008 tenders, while vessels with the same design were being fixed below USD 20k for the Petrobras PSV 3000 category. This fact caught Owners’ attention as they realized the possibility of getting a premium for their vessels under the OSRV tender category, once even considering the cost to purchase the fancy oil recovery equipment; they could still have higher returns than on PSV mode. This trend started to change in early 2009, after the 2008 financial crisis wave impacted Brazil. With some offshore projects being postponed due to a fall in oil prices, typically leading Petrobras to cancel some ongoing negotiations for OSRVs. The new tenders in that period saw the same vessels being offered at mid USD 20’s, as a sign of Owners being eager to have their vessels employed at longer terms in order to please their banks and shareholders with steady cash flow.


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As from 2010, some Owners proposed a more cost efficient solution, by fitting the OSRV requirement on smaller and more cost effective vessels: PSVs of 1500 tons deadweight, typical ly from the US market, and 65t AHTS, typical tonnage from the Far East. Since 2010, twenty five foreign flag OSRVs were fixed by Petrobras in only three tenders at an average day rate of circa USD 25k. On the domestic market, the Petrobras newbuilding tenders, which started in 2008 and initially planned to award eighteen OSRV contracts to local Owners willing to build them in Brazilian shipyards, ended up charter-

cont wildcats at BM-PAMA-8. On the production side, the twenty production units are set to be delivered until 2020, mostly on the pre-salt, which may establish new Emergency plans coming on stream As to the IOCS, they are expected to bring a lot of prospects to the market in the equatorial margin, where the National Petroleum Agency recently awarded 55 offshore blocks with exploratory wells expected for 2015/2016. When it comes to its impact on OSRVs, a larger number of dedicated vessels are expected to be needed at remote areas such as those mentioned, where there is no operational cluster, part of a higher effort to prevent any environmental impact.

“Whether it is rumours or Petrobras simply taking a tough negotiating stance with Owners for higher standards through a tough dialogue it is hard to tell.”

ing twenty eight vessels for eight years period each in four consecutive tender rounds, 55% more than the number initially forecast. This scenario demonstrated a big prospect for Oil Spill Response Vessels, pushed by a continuously more demanding IBAMA, especially after the reprecussion of the Deepwater Horizon incident at Macondo (US GoM), as well as by Petrobras and IOCS extensive exploratory campaigns. However, and aligned with its 2012/2016 business plan, Petrobras clearly demonstrated a strong drive and focus to production development, leaving expensive exploratory campaigns aside. Petrobras concentrated its exploratory efforts from Espirito Santo to Alagoas, in addition the pre-salt development, leaving the very expensive and high risk exploratory campaigns in the equatorial margin aside. Although not the main drive for Petrobras now, they are expected to be back in the equatorial margin through an appraisal well at the “Harpia” discovery (BM-PAMA-3) and

However, Petrobras may have recently sent signals to the market of a surplus on its OSRV fleet. Their recent request for some Owners to assign OSRVs to logistics permanently as PSVs, has added to the strength of market rumours. Petrobras has notified some OSRV Owners that their contracts are being analysed and could potentially be terminated early due to consecutive very bad HSE grades/ranking, and has brought some questions to the market. Although such contractual provision is indeed there, many in the market are skeptical this may be used as a pretext to consider early termination of vessels that have operated successfully whenever required. Whether its rumours or Petrobras simply taking a tough negotiating stance with Owners for higher standards through a tough dialogue it is hard to tell. However, a momentary surplus should be seen as natural for a Company that bases all its OSVs charters on long term period. After so many recent challenges it is almost impossible to make a water tight case and static schedule for every vessel.


05 > BOURBON - OGP have extended its charter of Brazilian flagged Haroldo Ramos as OSRV for further 15 days period with options being negotiated between the parties. MAERSK - AHTS Maersk Pacer operating as OSRV for BP Brasil has been extended until mid-January 2014 when expected available. The vessel is DP2.

vessel news VEGA - OSRVs Vega Chaser and Vega Challenger in close commencement with Petrobras. Vega Chaser has arrived in Brazil on December 15th and at moment of writing Vega Challenger is expected to arrive in Brazilian waters on December 17th. FINARGE - Yet more movement with OGP having extended AHTS A.H. Liguria with further options to be negotiated.

DEEPSEA SUPPLY - After successful conclusion of its charter with Ensco, AHTS Sea Leopard has been fixed to Oceanrig for one off cargo trip.

DEEPSEA SUPPLY - AHTS Sea Leopard has been chartered by Statoil Brasil after its charter with Oceanrig to assist on the operation of hose maintenance of FPSO Peregrino.

SEACOR - Brazilian built and flagged PSV Seabulk Brasil has been chartered by Petrobras for 2+2 years starting early December, while Brazilian built and flagged PSV Seabulk Angra is currently available in Brazil.

DOF - Skandi Peregrino in service to Statoil is expected to undergo term docking in late December in Brazil. MAERSK - AHTS Maersk Terrier has successfully completed on December 11th its charter with Shell Brasil and is currently available offshore Brazil. LABORDE - Brazilian built and flagged LAB 151 has been extended with OGP, operating as an OSRV. FARSTAD - PSV Far Swift is expected to be released by Shell Brasil in late December, and in direct continuation will commence its charter with Total in support to its Xerelete field and rig Norbe VIII.

BRAVANTE – The Newbuilding PSV 4500 Bravante V has arrived in Brazil and is expected to be available in the spot market in late December.


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operator update

CNPC Keeps an Eye on Brazil The Chinese company, which has 10% share in Libra’s field with Petrobras (40%), Shell (20%), Total (20%) and CNOOC (10%), is interested in new bidding rounds in the country. According to its president, Bo Qiliang, the focus is on the development of its projects in Libra but CNPC sees new possibilities in Brazil.

New Operator at Potiguar Basin Under negotiation since OGX has declared that it would not develop the blocks awarded without partnership in 11th Round, the Brazilian company announced it will sell 35% stake in block POT-M-475, in Potiguar Basin, Rio Grande do Norte, to ExxonMobil. The negotiations had been barred before by OGX’s many creditors and the financial terms of the deal were not revealed.

Queiroz Galvão’s next steps According to the company’s president, Queiroz Galvão is analyzing data obtained during drilling of the Alto de Canavieiras pre salt discovery, in Jequitinhonha Basin, and is preparing an assessment plan to be presented to ANP this month that may include some seismic reprocessing and some drilling tests, in order to determine the type of materials that would be recommended during the operation process. The company expects that the field holds up to 94.1 million boed.


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BP’s New Wells The company is targeting investments to reduce the risk of discovery of pre-salt in Anu, in Block BM-C-34. It is believed that the appraisal drilling of well Anu-2 has started a few days ago, with the drillship ENSCO DS-4. The project is being implemented at a depth of 2,643 meters of water and will have as target the reservoirs at depths of over 6,700 meters. The market says that a fourth well drilled in the BM-C-34, called Benedito, detected traces of oil. The drilling of Anu-2 is expected to last between two and three months and will be completed in early February. Meanwhile, BP shall hire the acquisition, processing and interpretation of new 3D seismic survey covering the BM-C-34. BP operates in this block with a share of 30%.

Kangaroo Recieves Green Light

Karoon plans to drill Kangaroo well, in Santos Basin, up to the second quarter of 2014, after obtained the ANP’s approval for the evaluation plan (DEP) for the area. The plan involves two firm prospects (Kangaroo 2 and Kangaroo West-1) and the drilling of four new wells (Kangaroo West 2, Bilby-2 and Emu-2). The first oil production is scheduled for 2018.


petrobras news

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Petrobras but for how long? The government intervention in Petrobras’ prices in recent years dragged the largest company in the country to one of its worst financial frameworks in its 60 years of activity. With or without the adoption of a new formula for automatic fuel adjustments proposed by the Executive Management of the company in order to give predictability flow cash, the State Company will have to face tough challenges in 2014, with revenues dammed and large investment obligations.   To cover inflation, the Government has appealed for several years to control prices, imposing severe losses to the company and messing up the realization of their plans. For a long time the company aims for a new fuel price policy, less subject to demagogy and more rational but the Finance Minister, Guido Mantega, has always counter attacked and no new method for pricing has been set. By statute, it is up to the Executive Board of the company to set the structure and pricing, but that determination has been hit at least since the second term of President Luiz Inácio Lula da Silva, by immediate political interests and also by the electoral goals of his government. Some consequences became clear during the last published balance sheet in which the third-quarter profit of USD

3.39 billion was 45% lower than the second and 39% below the same period of 2012. Several factors have been presented to explain this drop, which was significantly larger than estimated by industry experts, one of the most important was the difference in prices, exacerbated by the recent rise in the dollar.   A few days ago, Petrobras announced the outlines of a new criterion for adjustment for diesel and gasoline, based on international values and exchange rates. The application of the criterion would be automatic and not to increase the prices forever, but to readjust according to international standards. The results? The Government approval for an increase of 4% on gasoline and 8% on diesel, much lower than the market expected. The reaction of investors? Petrobras shares tumbled more than 10% on the stock exchange, representing losses around BRL 25 billion in market value in a single day. With an eye at this deterioration, the risk rating agencies threaten to downgrade Petrobras rating on the market. The perspective is clearly unsustainable. With a net debt nearing USD 90 billion, the company has an aggressive investment plan of USD 236 billion over the next five years, while buying expensive inputs abroad to sell cheaply in the domestic market. But remember: the petroleum is ours!


petrobras news

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Petrobras AHTS 18000 A/B Unofficial Ranking AHTS 18000 A TYPE - INTERNATIONAL INVITATION E&P 1446022138 (unofficial ranking of offers) Ranking Ranking before after Fuel criteria criteria

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OWNER

VESSEL

POSH POSH POSH GO OFFSHORE SIEM SEALION SEALION FARSTAD FARSTAD SWIRE PACIFIC OFFSHORE FARSTAD SWIRE PACIFIC OFFSHORE MAERSK SUPLY SERVICE OLYMPIC SHIPPING

POSH CONCORDE POSH CONSTANT POSH CONQUEST GO PHOENIX SIEM OPAL TOISA ENVOY TOISA ELAN FAR SAGARIS FAR SENATOR PACIFIC DILIGENCE FAR STATESMAN PACIFIC DUCHESS MAERSK LASER OLYMPIC HERCULES

EBN BRAVANTE BRAVANTE BRAVANTE ASTROMARITIMA SIEM OFF. DO BRASIL SEALION DO BRASIL SEALION DO BRASIL FARSTAD FARSTAD OSM FARSTAD OSM MAERSK SUPPLY SERVICE OLYMPIC MARITIMA

PEOTRAM GRADE TYPE 64.22 64.22 64.22 62.58 79.0 73.38 73.38 72.23 72.23 67.92 72.23 67.92 NOT INFORMED 48.61

A A A A A A A A A A A A A A

PERIOD DAY RATE (USD) MOBE FEE (USD) (DAYS) 730 730 730 730 730 730 730 730 730 730 730 730 730 730

57,800.00 59,300.00 60,400.00 61,900.00 70,000.00 65,000.00 65,000.00 70,950.00 71,450.00 62,000.00 71,950.00 64,000.00 86,500.00 74,750.00

3,700,000.00 3,700,000.00 3,800,000.00 3,000,000.00 6,300,000.00 1,500,000.00 1,500,000.00 -00 -00 5,500,000.00 1,000,000.00 5,500,000.00 4,000,000.00 2,580,000.00

AHTS 18000 B TYPE - INTERNATIONAL INVITATION E&P 1446022138 (unofficial ranking of offers) Ranking Ranking before after Fuel criteria criteria

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OWNER

VESSEL

MAERSK SUPLY SERVICE MAERSK SUPLY SERVICE MAERSK SUPLY SERVICE UOS SOLSTAD MAERSK SUPLY SERVICE UOS TIDEWATER BOURBON SHIPS SWIRE PACIFIC OFFSHORE POSH MAERSK SUPLY SERVICE POSH POSH EASTERN NAVIGATION

MAERSK TRIMMER MAERSK TRAVELLER MAERSK TERRIER UOS CHALLENGER NORMAND TITAN MAERSK HANDLER UOS LIBERTY ALDEN J LABORDE BOURBON ORCA PACIFIC CHAMPION POSH CHAMPION MAERSK SHIPPER POSH COMMANDER POSH COURAGE ENA SAMURAI

EBN MAERSK SUPPLY SERVICE MAERSK SUPPLY SERVICE MAERSK SUPPLY SERVICE ASTROMARITIMA SOLSTAD OFFSHORE MAERSK SUPPLY SERVICE ASTROMARITIMA TIDEWATER BOURBON OFFSHORE MARITIMA OSM BRAVANTE MAERSK SUPPLY SERVICE BRAVANTE BRAVANTE GEO NAVEGACAO

PEOTRAM GRADE TYPE NOT INFORMED NOT INFORMED NOT INFORMED 62.58 60.0 NOT INFORMED 62.58 72.0 NOT INFORMED 67.92 64.22 NOT INFORMED 64.22 64.22 71.8

Petrobras AHTS 18000 A/B - Unofficial Ranking There may be a dispute concerning the judgment criteria for type "A", which although contract period is for two years (24 months), the instruction on the judgment criteria takes in consideration 48 months. Above is then made according to tender guidelines i.e. 48 months.

B B B B B B B B B B B B B B B

PERIOD DAY RATE (USD) MOBE FEE (USD) (DAYS) 1460 1460 1460 1460 1460 1460 1460 1460 1460 1460 1460 1460 1460 1460 1460

48,800.00 49,490.00 51,800.00 48,878.00 45,945.00 52,990.00 50,378.00 43,900.00 58,540.00 57,000.00 58,000.00 51,400.00 59,000.00 60,000.00 62,000.00

2,750,000.00 2,750,000.00 2,750,000.00 2,500,000.00 3,000,000.00 3,000,000.00 2,500,000.00 2,000,000.00 2,800,000.00 3,500,000.00 3,600,000.00 3,000,000.00 3,600,000.00 3,600,000.00 3,000,000.00


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look ahead

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OGP - A New Beginning

With more than a change of name, former OGX is taking steps to re-enact its prouction and deliver its target. News of a large business in trouble makes it to the front cover of any newspaper and no doubt attracts the interest of the average reader. As part of the empire built by Brazilian entrepreneur Eike Batista, it was no different when Oil and Gas Company OGX started facing difficulties. Much has been said about the individual factors driving the company to a point of no return, and as we have addressed in Brazilian Wave previously, it was the loss of its market value and the cuts suffered from expected investments that drained the cash for investment. In a CAPEX intensive business it is a mortal strike. An example of such is the backing out of Petronas which had agreed to invest USD 850 MM to acquire 40% non-operating interest in Campos Basin blocks BM-C-39 and

BM-C-40 (Tubarão Martelo field). The Malaysian state-giant decided to pull out from the deal until former OGX could restructure its debt.   Notwithstanding, management kept on with its restructuring plans, with more or less success on the financial front - where solutions drain as fast as the fame of a business in trouble spreads out, however with more success than failures on the operational front. In the Tubarão Martelo field, OGX announced in early December the start of production of the first well in the Tubarão Martelo field in Campos from where Petronas withdraw its acquisition agreement.   Having applied for and obtained IBAMA´s license for


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authorizing the operation of FPSO OSX-3 and the respective subsea structures related to the oil production development and outflow for the BM-C-39 and

“OGP have also recently hired five new offshore support vessels in connection with its activities both in production and exploration.”

BM-C-40 blocks in 29th November, OGX started the flow of oil to its offshore unit on December 5th. With no delay, on December 9th the company announced the commencement of production of its second well infield OGX-44HP also connected to FPSO OSX-3. At the same time, the company remains working on evaluating the situation of its FPSO OSX-1 and the chances of re-establishing production.   As part of its restructuring plan, the company secured what analysts consider a fair deal in terms of market value with the sale of 35% interest in block POT-M-475 in Bacia Potiguar in Rio Grande do Norte to Exxon, in late November. The block is one of the acquisitions of OGX in the 11th bidding round of ANP - Brazilian National Petroleum Agency. Further, OGX entered into agreement with Eneva, controlled by German E.ON and Cambuhy Investimentos to sell its Maranhão Bacia do Parnaíba Gas division (OGX Maranhão) worth approximately USD 100 MM. The gas operation of OGX Maranhão is considered viable.   OGP have also recently hired five new offshore support vessels in connection with its activities both in production and exploration of oil and in compliance with the requirements of environmental licenses which demand oil spill response vessels. Amongst its operating fleet vessels from Deepsea Supply and Bourbon have been extended on a monthly basis as operational plans are kept on track. It is expected that with the firming up of production volumes and the revamping of exploratory fields, in connection with the compliance of its recuperation plan, OGP will be able to set further long term charter agreements.   OGP is getting established in a new, independent office located in downtown Rio de Janeiro, in Rua do Passeio, along with several changes on its board of directors and members of the controlling board. The legal recuperation plan is expected to be controlled by Deloitte. The new company name and further information on the changes and latest achievements is made available on the website of OGP under www.ogx.com.br


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inside story

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Some IOCs are Falling Out of Love with Brazil: Why?

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or many years Brazil was described as the land of investment opportunities: vast natural resources, growing economy, stable democracy, and of course, one of the largest oil and gas reserves in the world in the post and pre-salt layers. All this has brought a lot of attention to Brazil from several oil and gas companies, eager for expansion and results after the break-up of Petrobras’ oil monopoly in 1998. Fifteen years later, 2013 was marked by ANP’s 11th bidding round where 55 offshore blocks were acquired by several Oil Operators, of which eight will have the “new” role of operatorship. The successful auction, with predominantly included the areas in the equatorial margin, was intensely celebrated by the market which has not experienced any new

offshore blocks being conceded for the last four years. At the same year and as a high contrast, the market experienced very active Oil Operators leaving Brazil. What is the reason behind that? Is Brazil really worth it?   Perenco, for example, is currently the operator of four deep water Exploration Concessions in Espirito Santo basin offshore Brazil, in partnership with OGX and Sinochem. In 2008, the company signed five exploration concessions following the ANP's 9th round of licensing. After the 2012/2013 exploration drilling campaign with the Ocean Star semi-sub rig (sublet from OGX), Perenco realized that the drilled wells would not have a commercially-viable production and that they have inherited some of the costs left over by the OGX misfortune (summing up to USD 40 million), therefore the company


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is considering leaving Brazil, and is likely to resign the three blocks still in its possession soon. Only one of the four wells found hydrocarbons, but this was relatively tight gas, considered to be trapped in a deep-water location, with a weak case for commerciality. After drilling a well in 2012, Starfish Sonangol decided to stop offshore operations in Brazil and will return two blocks acquired on the 9th Round, C-M-498 and C-M-622. The exploratory operation on the blocks required seismic 3D and the drilling of three wells, of which one has proven to be dry. From now on the company will be limited to the onshore market in the country where it has participating interest on Potiguar Basin, in the North of Brazil.   In May 2011, ANP approved BP as a deep-water-well operator, clearing the way for the company to buy Devon's assets in Brazil for USD 3.2 billion. Even though Polvo was already a productive and profitable field with around 20,000 boed back then and potential resources that could be as much as 6 billion barrels, Devon decided to leave Brazil stating that it was a strategic repositioning of the company, which was to focus on its North American onshore exploration and production business only.   Anadarko, which has a broad global exploration and production portfolio, has been seeking buyers for some of its Brazilian assets since 2011 in a move that could be worth up to USD 5 billion, in order to focus on other areas such as offshore Africa and the Gulf of Mexico, where it made a series of large oil and gas discoveries. Even though it has been successful in discoveries in Brazil including the Wahoo, Itaipu, Itaúna and Coalho areas, Anadarko wants to raise money in order to invest in other regions they believe to be more economically viable, and in case it would face a large liability from Deepwater Horizon oil spill in the Gulf of Mexico (Anadarko owned 25% of the well drilled by BP). After failing to obtain an acceptable price so far, which is a sign that oil and gas majors are cooling towards Brazil that was once considered the most exciting frontier in this industry, Anadarko put the sales process on hold while it moved on with the rig Blackford Dolphin in 2012

cont and 2013, which drilled four wells for Anadarko and three wells in neighbouring Karoon’s blocks.   At last but not least, the Italian major ENI got dry wells at Sagatiba and Belmonte prospects during last decade, having acquired a total area of 1,389km2 in three offshore blocks in the Campos, Santos and Camamu-Almada basins, through the payment of an expressive bonus amount, but ended up leaving Brazil. At the end of the day, all these Operators may have different focuses and reasons to leave, sharing the common understanding that dry wells are part of this risky business nature. But is there anything more in common in their decision to leave Brazil? Some say that maybe the appeal of the pre-salt has worn off, or probably ANP took too long to promote the 11th bidding round to attract constant attention to Brazil and keep momentum going with the Operators. Meanwhile, the foreign companies are watching Petrobras challenges’ to develop its portfolios which resulted in them putting on the brake in terms of costs (including OSVs chartering) in order to avoid big financial problems in the future. At the same time OGX, another big local player, is also going through an important recovery phase. Other issues could also be the high degree of local content in new offshore drilling rigs and production facilities, which are creating bottlenecks and impacting the price that companies are willing to pay for Brazilian assets. It also said by some that there is growing political interference in the oil sector, which increases risk. Everybody is now looking more with a clinical eye at Brazil. Nonetheless this is cyclical matter, in which companies like ExxonMobil that once abandoned dry wells in Brazil will be back as operators in two blocks awarded in the 11th round. Difficulties come and go, depending on the risks that companies are willing to take, and the knowledge and preparedness they have regarding the market nuances. In the end, Brazil will continue to be a source of a love-hate relationship, but not at all to be let go forever.


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É isso AÍ

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Westshore do Brasil wishes you in 2014...

Success

Business

Harmony Prosperity Peace

Happy Holidays !

Westshore Cocktail Party On December 5th, Westshore do Brasil had the pleasure of hosting its cocktail party at Giuseppe Grill restaurant, in Rio de Janeiro. Many friends & customers had the chance to have an amazing time with us and share in our achievements this year. Thank you all for coming and we hope to see you next year.

What Happened to Carioca’s Soccer? After a bad performance during the national championship season, Vasco da Gama will play in the second division next year, while Fluminense is still depending on a court decision that will decide if both Carioca teams will play together in this lower division. On the other hand, Cruzeiro was the biggest champion (Brazilian Championship champion) and will play Libertadores League in 2014 with Atlético-MG (champion of Libertadores League in 2013), Flamengo (Brazil's Cup champion 2013) and Grêmio (vice champion of the Brazilian Championship). Atletico-PR will play Pre-Libertadores League alongside Botafogo, which were depending on the South America Cup results.


Brazilian Wave December 2013